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Three years ago, Cochlear was famous for three things: declining sales, declining margins, and declining market share. What a difference three years can make.

Cochlear implant sales rose 8% to 31,554 units in the year to June, or up 14% if you exclude Chinese Government tender sales, which are large but sporadic. Revenue from implants – 62% of the total – grew 10% after removing the effect of currency fluctuations.

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The most recent recommendation of the 'small-cap healthcare portfolio' stocks SOM and NAN is "Hold". but "neither company has the durability of a more established healthcare stock like Cochlear and Resmed". Yet Cochlear has a "Sell" recommendation...

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